Real Estate Daily Recap: REITs Retreat 0.5%, Homebuilders Dip 2.5%
The REIT ETFs (VNQ and IYR) retreated 0.5% today following a strong start to the week. Manufactured Housing was the lone sector in positive territory while data centers, single family rental, and cell tower REITs lagged to the downside. The S&P 500 ETF (SPY) finished the day slightly lower while the 10-Year yield remained flat at 2.70%
The Homebuilder ETFs (XHB and ITB) finished the day lower by 2.7%, but remain higher by more than 13% YTD. Toll Brothers (TOL), TRI Pointe (TPH), NVR (NVR), and Pulte (PHM) led to the downside.
Online home furnishing retailers delivered a strong day. Overstock (OSTK) finished the day higher by more than 10% while Wayfair (W) rallied more than 2%. Real Estate Insurers was the lone Housing Index sector to finish the day in positive territory.